You are the chief risk officer for a large pension fund. In a recent meeting, the manager of the fund’s equity portfolio, explained how she planned to shift the portfolio away from large retail companies and toward smaller technology firms. After the meeting, you remember that a number of stores have recently closed in your area, and that a business magazine that you and the portfolio manager both read recently ran an article about “hot new tech companies”. What heuristic biases might the portfolio manager want to consider when making her allocation decision?